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20121222
20121230
Search Results 0 to 2 of about 3 (some duplicates have been removed)
, is that we will get too much deficit reduction too quickly. if reducing the deficit was what the economy needed we could go right off the cliff and leave it there. you can see it in this graph, that line going down. that is the fiscal cliff, we went over our deficit problems, gone baby, totally, totally gone. one thing the fear of the fiscal cliff shows by the way, in the fox hole, everyone's a kinsian. everyone agrees. that is number one. too much austerity way too quickly. president obama is not asking for that much in taxes. it's worth getting a bit of perspective in here. you'll be shocked to know, we got a graph for that. here's what happens if we go over the cliff. you get more than $5 trillion in tax increases off the bat. and now here's what happens if we pass the sainted simpson bowles plan. you've heard of the plan. they have 2.6 trillion in tax increases. president obama's latest offer to john boehner has 1.2 trillion in taxes. that is half as much, less than half than simpson bowles, and less than a quarter of what is in -- simply going over the fiscal cliff. i think the tax
important to step back and see the fact that we have already -- there are three parts of this deficit reduction stool. we've already in the past two years passed $1.6 trillion in spending cuts. we've passed over $700 billion in savings in medicare through reforms like cutting back on overpayments to insurance companies. the one piece of this puzzle that we've not been able to get any support for is making sure that the wealthiest among us help solve this problem by being willing to pay a little bit more to be part of the solution. so we have sent a bill to the house back in july, bipartisan bill that says what -- everybody says they don't want middle-class families to have their taxes go up, well, fine. why don't we start with something we can agree on, which is that? and just pass that. why doesn't the house just pass that? but as we know, the speaker couldn't even pass his own plan to say that up to a million dollars was exempt from tax cuts. so what they're doing is holding middle-class families hostage right now, trying to find some maneuver where the wealthiest people continue to
Search Results 0 to 2 of about 3 (some duplicates have been removed)